ACNB Slides_18-20-23-25-27-30 Dec 2013 & 03-06-08 Jan 2014.pdf

8/11/2019 ACNB Slides_18-20-23-25-27-30 Dec 2013 & 03-06-08 Jan 2014.pdf

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LO1: Understand the essentialLO1: Understand the essential

elements of a valid contract inelements of a valid contract in

a Business Contexta Business Context

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Essential Elements of a valid contractEssential Elements of a valid contract

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Outcomes and assessment criteriaOutcomes and assessment criteria

LO1:

1.1

1.2

1.3

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What is aWhat is a contractcontract

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Essential Elements of a valid contractEssential Elements of a valid contract

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Essential Elements of a valid contractEssential Elements of a valid contract continued..continued..

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Void ContractVoid Contract

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Validity FactorsValidity Factors

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Privity of ContractPrivity of Contract

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Conditions, warranties & Innominate termsConditions, warranties & Innominate terms

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an ouan ou-- 18 12 201318 12 2013

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3. Validity factor3. Validity factor

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Contract by deedContract by deed

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Contracts which must be in writingContracts which must be in writing

A A

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4. Offer4. Offer

4.1 A 4.1 A

C C

C C GG L 1831 L 1831

HH & C L A L 1932& C L A L 1932A A

C C CC C B C 1893 C B C 1893

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4.2 I 4.2 I II

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C C H H FF 18931893

C C BB B G 1971 B G 1971

A A

A A

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--

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4.3 A I 4.3 A I

A A

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A A

AA

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A A

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C A:C A:AA

C 1968 C 1968 61 61

A 1A 1 62 62

F B 1961F B 1961 62 62

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A 2A 21/8/2014 20


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4.4 4.4

A A

(C) (C)

F F

D D

C C H H 63 63

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CC OO AA

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OO AA

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CC GG 18281828 6565FF AA

CC FF LL 19621962 6666

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AcceptanceAcceptance

55..11 DD::

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CC BB MM CC 18771877 6767

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5.2 A C5.2 A C MM

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C C BB CC 19471947 68 68

55..33 LL II AA

CC BB CC CC BB EE CC LL 19841984 6868

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55..44 AA AA

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55..77 ,,

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A 3A 3 DD 69 69

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5.6 C 5.6 C

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B C. C B C. C

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an ouan ou-- ecec

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Electronic ContractsElectronic ContractsII FF

DD

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Chapter Roundup DiscussionChapter Roundup Discussion

A A

A A A I A I 4 4

AA

A A

E E 1/8/2014 31


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Chapter 5: ConsiderationChapter 5: Consideration

DefinitionPrivity of

Contract

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Consideration

Waiver ofexisting rights

Adequacy andsufficiency


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Cha ter 5: ConsiderationCha ter 5: Consideration

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IntroductionIntroduction

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1. Consideration1. Consideration

II

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CC:: AA

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CC DD MAMA 19511951 8181

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A 1: N 83A 1: N 83

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2. Adequacy and sufficiency of consideration2. Adequacy and sufficiency of consideration

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Activit 2: Which of the followin isActivit 2: Which of the followin is

true of consideration?true of consideration?-- Page 87Page 87

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3. Privity of contract3. Privity of contract

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--

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Ch t R dCh t R d


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Chapter RoundupChapter Roundup

E E

E CE C

C C

A A

C C

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Waiver of existing RightsWaiver of existing Rights


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Waiver of existing RightsWaiver of existing Rights

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CHAPTER 6:CHAPTER 6:

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L i Obj iL i Obj i


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Learning ObjectivesLearning Objectives

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Intention and CapacityIntention and Capacity


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Intention and CapacityIntention and Capacity

Capacity to

Contract

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Intention and

Capacity

Intention to createlegal relation

Intention to create legal relationIntention to create legal relation


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Intention to create legal relationIntention to create legal relation

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1.3 1.3

(C)(C) AA 19921992

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A 1A 1 101 101


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A 1A 1 101 101

A 2A 2 101 101

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2. Capacity to Contract2. Capacity to ContractCC

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22 11 MM


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22..11 MM

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an youan you--

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C C


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C C N N

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Types of ContractTypes of Contract


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Written ContractWritten Contract


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Distance Selling ContractDistance Selling Contract


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What are your obligations?What are your obligations?


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What information should you give?What information should you give?


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Chapter 7Chapter 7

Its ApplicationIts Application

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Types of TermsTypes of Terms


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CC

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ConditionsConditions


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WarrantyWarranty


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Innominate termInnominate term


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Implied termsImplied terms


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I I


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G A 1979 G A 1979

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Express termsExpress terms


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Exclusion Clauses Case StudiesExclusion Clauses Case Studies


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C 1:C 1: 1940 11940 1KB 532KB 532 120 120 C DC D

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1 1 21 1 2 121 121

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Performance and BreachPerformance and Breach


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Types of PerformanceTypes of Performance


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CompleteComplete

PerformancePerformance

u s an au s an a

PerformancePerformance

Inferior PerformanceInferior Performance

Summary: Types of PerformanceSummary: Types of Performance


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Type of PerformanceType of Performance Legal ConsequenceLegal Consequence

Complete PerformanceComplete Performance The contract is dischargedThe contract is discharged..

Substantial PerformanceSubstantial Performance The nonThe non--breaching party may recover damages caused bybreaching party may recover damages caused by

..

Inferior PerformanceInferior Performance(material breach)(material breach)

The nonThe non--breaching party may either:breaching party may either:

(1)(1) Rescind (Cancel Officially) the contract and recoverRescind (Cancel Officially) the contract and recover

restitution (damages), orrestitution (damages), or

(2)(2) Affirm (Establish) the contract and recover damages.Affirm (Establish) the contract and recover damages.

Anticipatory BreachAnticipatory Breach


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A A

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Types of DamagesTypes of Damages


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Compensatory Damages.Compensatory Damages.


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Consequential Damages.Consequential Damages.


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D D . . , , . , , .

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Punitive Damages.Punitive Damages.


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Case DiscussionCase Discussion

C 1: H C 1: H BB 18541854 174 174


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C 1: H C 1: H BB 18541854 174 174

C 2: C 2: LL ( (

N I 1949)N I 1949) 175 175C 3: H II 1969C 3: H II 1969 175 175

C 4: H (L) C 4: H (L) II 175 175

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Mitigation of DamagesMitigation of Damages


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Liquidated DamagesLiquidated Damages


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A , , A , ,

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: : $300 $300 . .

ADDITIONAL REMEDIESADDITIONAL REMEDIES


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. .

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Equitable RemediesEquitable Remedies


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Documents

ACNB Slides_18-20-23-25-27-30 Dec 2013 & 03-06-08 Jan 2014.pdf